Shangri-La The Fort, Taguig City
May 21, 2024
“Through this [Indo-Pacific] Economic Framework (IPEF), 14 partner nations have embarked on a transformative journey, aiming to foster sustainable and inclusive economic growth,” President Ferdinand R. Marcos Jr. stated when he keynoted the 6th Indo-Pacific Business Forum (IPBF) at the Shangri-La The Fort in Taguig City.
The President mentioned that clean energy, digital transformation, supply chain resilience, infrastructure and emerging technologies are the heart of the IPEF agenda, noting that these areas represent the pillars of the Philippines’ shared future.
As the nation occupies a strategic position in the Indo-Pacific, he sees the Forum as an opportunity for the country to engage in more economic and regional partnerships which will be a major contributor in its Gross Domestic Product (GDP). “I am proud to share that our economic achievements have been outstanding. In 2023, the Philippines’ 5.5% GDP growth surpassed major economies in Asia based on the latest available data,” he announced.
Furthermore, President Marcos Jr. highlighted the Philippines’ strong economic growth, citing four (4) consecutive months of foreign direct investment (FDI) expansion and a healthy pipeline of inward FDI.
“We have earmarked key projects to spur growth in the Luzon Economic Corridor, creating strategic connections between Subic, Clark, and the CALABARZON region, a prime location for export-manufacturing firms,” he added.
Furthermore, he discussed the country’s vast potential in renewable energy (RE), citing that recent amendments to the Renewable Energy Act allow 100% foreign ownership of inexhaustible RE sources, enabling the Philippines to be an attractive destination for clean energy investments.
Regarding the micro, small and medium enterprises (MSMEs), President Marcos Jr. underscored that the government remains committed to supporting them in becoming sustainable businesses, thereby allowing the Philippines to serve as a gateway for companies to access the more than 600 million-strong Southeast Asian consumer market.
Since the COVID-19 pandemic and other socio-political concerns exposed the vulnerabilities of supply chains, the President emphasized the need for diversification and resilience, which led the country to focus on developing priority industries like electronics, semiconductors, critical minerals and many more. Likewise, the Philippine Government is embracing digital transformation with a government-led strategy to enhance digital infrastructure, connectivity and business facilitation.
The Chief Executive outlined the key initiatives for various sectors aimed at contributing to the Region’s economic development, including the ‘Build Better More’ Program, Public-Private Partnership (PPP) Code, National Transport Policy, the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act, free trade agreements (FTAs) and the Generalized System of Preferences (GSP), among other significant measures.
“As we forge international collaborations and trade agreements, we are creating stronger economic ties with nations across the globe… Therefore, I can confidently say that the Philippines stands at a pivotal moment in its economic journey,” he remarked.
In conclusion, President Marcos Jr. expressed his optimism about the country’s economic prospects and commitment to collaboration, innovation and a shared vision for a prosperous Indo-Pacific Region.
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